I saved £286 on home insurance in just 30 minutes

Martin Lewis's MoneySavingExpert has urged consumers not to leave renewing until the last minute A woman claims she saved £286 off her home insurance thanks to a tip from Martin Lewis's MoneySavingExpert (MSE). MSE cited statistics from Consumer Intelligence that argue while home insurance costs sit at almost 30% more than this time last year, we may have reached the peak, with average quotes dropping 1% over the past three months. MSE said there are six ‘core steps’ to save money on your home insurance.

Firstly, it advises consumers to use multiple comparison sites when looking for quotes. It said: “Never just auto-renew - there's no guarantee your existing insurer will give you the cheapest or best cover. It's always worth a check elsewhere.



” Secondly, you can check special deals to see whether you can beat the comparisons' cheapest. Following on from that, you should establish what cover you need. Everyone, including renters, should consider contents insurance, but building insurance is usually only for freehold homeowners.

MSE said: "Direct Line doesn't appear on comparisons and can be competitive for some, so it's worth a try. Yet there are also some special deals available for firms that are on comparisons, though you'll need to buy directly to get the vouchers. So check the price and factor in the incentive to see which wins overall.

" You should then think about the best time to renew. MSE argues the “sweet spot” is about three weeks ahead of renewal, but consumers should check anyway if they can before this time. On average, the cheapest time to get quotes is 21 days ahead of your renewal, though a few days on either side won't matter much.

You should avoid getting insurance until the last minute as insurers deem those who leave it later to be a higher risk. MSE then advises consumers to haggle with their existing firm to see if they can match the cheapest prices they have found from other providers. Finally, you should go through the main terms to check you're happy, and check the provider is regulated by the Financial Conduct Authority.

One reader, Karen, claimed she followed these tips and saved a lot of money off the back of it. She said: "Our buildings & contents auto-renewal reminder came in with a 52% price rise - even my husband commented: 'Wow, that's some hike'. I double-checked your action steps, and 30 minutes later I had saved £286 on an exact like-for-like policy.

Happy days. Thanks to you all at MSE.".